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AstraZeneca to delist; stock jumps

business Updated: Jun 29, 2010 23:15 IST

PTI
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AstraZeneca Pharma India on Tuesday said it will de-list itself from domestic stock exchanges, fuelling a jump of 20 per cent in its stock price to an all-time high of Rs 1,207.1.

The company's board of directors gave its nod for making a voluntary delisting offer — received from its Sweden-based promoter — to public shareholders of the firm for delisting, the drug maker said in a filing to the Bombay Stock Exchange.

AstraZeneca Pharma India is the Indian arm of Sweden-based AstraZeneca Pharmaceuticals AB and the delisting offer comes within weeks of the government making it mandatory for all listed companies to raise public shareholding to at least 25 per cent.

AstraZeneca Pharmaceuticals AB presently holds 90.0 per cent stake in AstraZeneca Pharma India, it said. It will be delisted from the Bombay Stock Exchange, National Stock Exchange and Bangalore Stock Exchange.